Cumulus Media Inc. (CMLS) - NASDAQ
  • Feb. 24, 2015, 6:39 PM
    • Sandell Asset Management is reportedly pressing a familiar line with CBS: Spin off your radio stations and (in this case) merge them with Cumulus Media (NASDAQ:CMLS).
    • While CBS chief Les Moonves has highlighted the cash flow and 40% margins provided by the 117 stations the company owns, Sandell suggests that in a reverse Morris Trust merger, CBS could divest an asset with a low tax base at low impact.
    • Cumulus' takeaway? Scaling up to combined sales of $2.4B and a market cap of almost $5B.
    • One headwind is Cumulus' leverage, at a ratio of 6.5x EBITDA after purchases of Citadel Broadcasting and WestwoodOne, while another is Sumner Redstone's grip on CBS' vote.
    • After hours: CMLS +3.1%.
    | Feb. 24, 2015, 6:39 PM | 2 Comments
  • Aug. 30, 2013, 10:19 AM
    • Cumulus Media (CMLS +4%) will acquire Dial Global (DIAL.OB +83.3%) for $260M in cash ($45M equity/ $215M to retire the company's debt).
    • CMLS will also sell 53 radio stations to Townsquare Media for $238M in cash. In addition, CMLS will trade Townsquare 15 stations "in two small and mid-sized markets" for five stations in Fresno.
    • The deal for Dial Global gives CMLS new "NFL, NCAA, NASCAR, Olympics, AP Radio News and NBC News" content as well as "other popular programming."
    • "These transactions give us the necessary scale to provide the marketing and enterprise solutions our advertising and affiliate partners require," CEO Lew Dickey says. (PR)
    | Aug. 30, 2013, 10:19 AM
Company Description
Cumulus Media, Inc. owns and operates commercial radio station clusters. It operates radio stations (including under local marketing agreement) in United States media markets and operated nationwide radio networks. It engages in one reportable business segment, radio broadcasting, advertising,... More
Sector: Services
Industry: Broadcasting - Radio
Country: United States